The federal deficit at the end of President George W. Bush's last fiscal year 9/30/09 was $1.4 trillion. It was the worst single year fiscal deficit in History and still stands today. The federal deficit at the end of President Obama's last fiscal year 9/30/17 was $666 billion, an improvement of almost $800 billion over Bush's last year. No republican President has left office with a smaller federal deficit than when he took office in the past 50 plus years. The largest increase in the national debt took place on Presidents Reagan and Bush 43, 186% for Reagan and 105% for Bush 43. Both of those Presidents proclaimed their tax cuts would do wonders for the U.S. government's fiscal house. It did no such thing.
So now we have the Trump tax plan (scam) and he and the GOP are promoting wonderful things even though the CBO says it will add over $1.4 trillion to the national debt. And that is in addition ot the projected federal deficit with out the tax cuts. Now Americas wait to see what the actual numbers will look like under the Trump administration. Some are already saying single year trillion dollar deficits will be the norm for some time. The trumpet man, during the campaign railed against the national debt which results from deficit spending but did not matter to him in his tax plan.
Deficit spending and debt when out of kilter hurts the average American and not the wealthy or corporate America who represent the top 2%. The 2% are the ones who make millions when the stock market crashes because they are the ones with the resources to buy those good stocks that become cheap and then make a ton of money like they did after the crash in 2008. Trump has those kinds of resources and the people know little about how much money he makes because he does not have the character or ethics to make his income tax records public like other public servants. In other words he has something to hide. The United States has a President who was elected in a democratic country but shuns the responsibility that goes with democracy. Is it any wonder why he has no respect for our institutions or the people.
This commentary written by Joe Lorio
